A leading market analyst predicted the possibility that the price of Bitcoin (BTC) could reach $200,000 before the next halving.
The analyst Gert van Lagen divided Two fundamental targets for Bitcoin price, covering both bull case and bear case scenarios. With a bull case target of $200,000, he backed up his thesis with the Elliott Wave indicator on a weekly chart.
Gert van Lagen is the latest market expert to address Bitcoin price prediction, although with a relatively more ambitious prediction compared to the $60,000 prediction by Mark Mobius, as reported formerly of The Crypto Basic.
The Bitcoin price prediction
Based on his posting history, Gert van Lagen typically uses Elliott Waves as his preferred tool to determine the shift in Bitcoin corrections. The analyst has set the price target of $200,000 since at least December 16 of last year and notably reaffirmed this forecast, but this time with a slight change.
The twist includes a likely correction in Bitcoin price to $31,800. According to his disclosure, a decline in BTC to this level would invalidate the bullish structure. Since the beginning of this year, Bitcoin price has fluctuated near two extremes between $41,714 and $48,969.37.
While the $30,000 price level has yet to be broken, the cautious call to watch for support highlights the uncertainty that lies ahead in the volatile world of cryptocurrencies.
Currently, Bitcoin’s price and market cap are up 0.87% to $43,051.07 and $843,746,983,844, respectively, with trading volume up 0.56% to $20,916,980,684.
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The Elliot wave pattern typically consists of five waves. Data from the accompanying chart shows that BTC is currently trading in the third wave. According to the analyst's predictions, the token would rise to $83,269 after the completion of wave 3. This would mark a new all-time high for BTC.
However, Gert van Lagen's predictions suggest that the fourth wave would peak with Bitcoin crashing from the $80,000 level to the $54,000 zone. The analyst expects BTC to reach $200,000 after the completion of wave 5.
BTC weekly chart | Gert van Lagen
Although it is a steep growth path from current levels to the $200,000 target for the analyst, he believes that the target is generally not too steep for the top coin.
Bitcoin halving as a catalyst
The Origin The spot product Bitcoin Exchange Traded Fund (ETF) initially served as a reference catalyst that many analysts relied on to drive the price of Bitcoin to new highs. However, Bitcoin has relatively below average Compared to expectations, Bitcoin's upcoming halving remains the next crucial trigger that can fuel price appreciation.
The halving event is scheduled for sometime in April and in the past, investors could go on an accumulation spree in the lead-up to this event, setting the mega target set by Gert van Lagen.
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Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
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